Binance made another high-profile round, this time not to refute rumors, but to make big news.
On the afternoon of May 31, in the 500-person Binance media exchange group organized by He Yi, Binance Labs CEO Ella announced three major actions of Binance at the Binance Labs communication meeting:Call to launch CGI - Cryptocurrency Governance Initiatives；Established a $1 billion social impact fund; Chen Weixings Taxi Chain became the first strategic incubation project of the Binance Labs team.
Binance Labs was started by Binance in October last year, and a five-member team was formed in the past two months. On May 19 this year, Binance co-founder He Yi once announced in the media group that Zhang Ling, the former KPCB investment director, will become The person in charge of Binance Labs also said that Binance Labs will focus on incubating projects that can help the industry develop in the long run, so as to help Binance build a long-lasting business.
But this time it seems that Binance labs is obviously not satisfied with being an incubator for entrepreneurial projects, but has expanded its positioning to Research Institute + Incubator + Ecological Fund”Investment agency
Investment agency
For investment institutions, Zhang Ling said that he will select 20 long-term value investment institutions; investment teams with faith in the industry and insight into projects; investment institutions with a cumulative fund management of more than 100 million US dollars; Investment institution as a member of Binance Ecological Fund.
The benefits of its members are: the financial support is the $1 billion social impact fund established by Binance; in addition, Binance shares high-quality projects with foundation members, and foundation members can also give priority to recommending Labs projects.
As for whether the 1 billion US dollars is equivalent to 1 billion BNB, or withdrawing 1 billion profits from Binance’s profits in installments, and then subscribing for BNB foreign investment, He Yi responded, “It needs to be reviewed by the CFO.”
As for investment institutions needing to meet the quota of US$100 million managed funds, He Yi added that this quota is mainly a criterion for judging the experience of institutional investors. In the near future, Binance will release the application entry and rules on the website.
It is worth noting that Zhang Ling added that the ecological fund invests in all tier ones, and holds them for a long-term, with proper asset management,secondary title
Blockchain Entrepreneurship Project
For blockchain entrepreneurial projects, as an incubator, Binance also announced that the first strategic incubation project will be the Taxi Chain between Chen Weixing and former Meituan founder Yang Jun.
For the evaluation and selection criteria of the project, Zhang Ling said that he will consider the following three aspects:
Why Blockchain? What pain points is the project/technology solving? Why do you need blockchain technology to solve it? What kind of industry and social impact will it bring after the solution?
Why you? The teams background and strength, original intention and vision, whether the core team members have technical reserves in cryptography and distributed computing, whether they are true believers
Why Binance? What kind of help and support can Binance provide for the project, and how can it help the team achieve its goals better and faster.
In addition, Binance also pays more attention to projects such as basic public chains, decentralized exchanges, custody accounts/wallets/payments, stable currencies, derivatives investment/securities token trading platforms.
Regarding how to incubate, Zhang Ling said that he will help teams and projects starting from the design of technical architecture, design of incentive mechanism, and joint planning of governance.
Asked whether the projects invested by Binance Labs mean that Binance can be launched? Zhang Ling said that the project investment criteria of the incubator and the project selection criteria of the currency listing team are independent. We will not promise that the projects invested by Labs will enjoy special treatment in the listing application, but the project selection and assessment standards will be closer to the standards of the listing group, and at the same time, we will try our best to help the projects we invest in or incubate Try to meet the standards of the listing team.
As of press time, BNB is currently quoted at $14.4, an increase of 15.22% within 24 hours.
